Vest Financial LLC Purchases 50,552 Shares of Lennar Corporation $LEN

Key Points

• Vest Financial LLC increased its stake in Lennar Corporation by 20.7%, purchasing an additional 50,552 shares, bringing its total ownership to 294,352 shares worth approximately $32.56 million.
• Several hedge funds have shown interest in Lennar, with The Manufacturers Life Insurance Company boosting its holdings by 45.4%, now owning nearly 8.9 million shares valued at over $1 billion.
• Lennar's recent earnings report showed $2.29 earnings per share, exceeding estimates, but revenue fell short of expectations, reflecting a 6.4% year-over-year decline.

Vest Financial LLC raised its stake in shares of Lennar Corporation (NYSE:LEN - Free Report) by 20.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 294,352 shares of the construction company's stock after purchasing an additional 50,552 shares during the quarter. Vest Financial LLC owned 0.11% of Lennar worth $32,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Kingstone Capital Partners Texas LLC purchased a new position in shares of Lennar during the second quarter worth approximately $424,950,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Lennar by 45.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 8,894,125 shares of the construction company's stock valued at $1,020,866,000 after buying an additional 2,777,567 shares in the last quarter. Eminence Capital LP raised its position in Lennar by 130.8% in the 1st quarter. Eminence Capital LP now owns 1,581,489 shares of the construction company's stock worth $181,523,000 after buying an additional 896,264 shares during the last quarter. Brave Warrior Advisors LLC raised its position in Lennar by 23.4% in the 1st quarter. Brave Warrior Advisors LLC now owns 2,189,608 shares of the construction company's stock worth $251,323,000 after buying an additional 415,218 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in shares of Lennar during the 1st quarter valued at about $41,788,000. 81.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wall Street Zen downgraded Lennar from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Wells Fargo & Company decreased their target price on Lennar from $135.00 to $125.00 and set an "equal weight" rating for the company in a research report on Friday. Weiss Ratings reiterated a "hold (c)" rating on shares of Lennar in a research report on Wednesday, October 8th. Evercore ISI decreased their target price on Lennar from $118.00 to $114.00 and set an "in-line" rating for the company in a research report on Tuesday, October 7th. Finally, Citigroup reiterated an "outperform" rating on shares of Lennar in a research report on Monday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $121.75.

Lennar Price Performance

Shares of LEN stock opened at $118.85 on Monday. Lennar Corporation has a fifty-two week low of $98.42 and a fifty-two week high of $189.65. The firm has a market capitalization of $30.31 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 5.32 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.68 and a current ratio of 4.49. The stock's 50-day simple moving average is $129.36 and its 200-day simple moving average is $116.46.

Lennar (NYSE:LEN - Get Free Report) last issued its quarterly earnings results on Thursday, September 18th. The construction company reported $2.29 earnings per share for the quarter, topping analysts' consensus estimates of $2.14 by $0.15. Lennar had a return on equity of 11.09% and a net margin of 7.72%.The business had revenue of $8.81 billion for the quarter, compared to analyst estimates of $9.01 billion. During the same quarter in the previous year, the firm earned $3.90 earnings per share. The company's revenue was down 6.4% on a year-over-year basis. As a group, equities analysts forecast that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Friday, October 10th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, October 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.7%. Lennar's payout ratio is presently 19.76%.

Lennar Profile

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land; and development, construction, and management of multifamily rental properties.

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